Cleo magazine, required reading for many young Australian women interested in fashion, beauty, sex and relationship advice, and celebrity, is to close after 40 years in print.

Key points:

Final Cleo edition will be March, on sale February 22

Publisher says focus will be on boosting online presence of Dolly, Cosmopolitan

Former editor Lisa Wilkinson calls Cleo a "true groundbreaker"

Publisher Bauer Media Group confirmed the magazine's closure, with the last issue being the March edition, on sale from February 22.

Bauer said the closure of the Australian edition of Cleo would not impact Cleo Singapore, Malaysia or Indonesia, which were bought by SPH Magazines in 2011.

It said it would continue to publish Cleo Thailand through its joint venture with Post International Media.

Today's announcement comes days after the Bauer told the ABC that reports of Cleo's imminent closure was "complete speculation".

However, the company issued a statement today confirming the move.

Push to take Dolly, Cosmo online

Bauer Media Group interim CEO Andreas Schoo also outlined plans to relaunch teen magazine Dolly with a focus on digital rather than print.

"Scale, engagement and a robust digital strategy are key to our success, and we believe we have a compelling offer in Dolly and Cosmopolitan to lead our young women's portfolio into the future," Mr Schoo said.

"Our investment plans for Dolly will see us take a digital-first approach, with a focus on mobile video, social media and e-commerce supported by restructured print and digital editorial teams to ensure we are generating the best in market content for consumers; when and how they want it."

Launched by Kerry Packer and Ita Buttrose in 1972, Cleo magazine was considered an edgy, and at times controversial, women's magazine, pushing the boundaries with nude male centrefolds and sex and dating tips.

In 2011, the magazine's early years were the focus of the ABC series Paper Giants: The Birth of Cleo, starring Asher Keddie.

In an opinion piece in the Huffington Post published today, former editor and television talk show host Lisa Wilkinson shared her memories and deep respect for Cleo, labelling the publication a "true groundbreaker for women".

Editor for 10 years from 1984, Ms Wilkinson described herself then as a young "magazine junkie" who idolised Dolly and admittedly never really yearned to work at Cleo.

Ms Wilkinson was responsible for dropping the Cleo Mates of the Month nude centrefold feature — a cheeky Cleo trademark — in favour of the 50 most eligible bachelors hunt.

"What I quickly realised when I took over the role was the incredible privilege of being at the helm of a magazine that could hold its head high in the Australian media as a true groundbreaker for women," she wrote.